European shares set for their best month since November 2020

European shares rose on Friday, poised for their first monthly gain in four months as a string of strong earnings from corporate Europe overshadowed fears of a global recession, with the focus now on Eurozone inflation and GDP data later in the day.

The pan-European STOXX 600 was up 0.7% by 0715 GMT, rising for a third straight session and poised for its best monthly performance since November 2020. The index has gained 2.3% so far this week as investors hoped for a possible slowdown in the pace of US interest rate hikes after data on Thursday showed the world's largest economy shrank for a second straight quarter. Luxury stocks led shares in the Birkin bag maker up 6.7% after Hermes' sales rose sharply in the second quarter on rapid growth in Europe and the United States and a strong rebound in China in June. LVMH shares rose 1.4%, providing the biggest boost to the STOXX 600. French bank BNP Paribas (OTC:BNPQY) gained 3.4% after reporting a better-than-expected profit for the second quarter following a reduction in bad loan provisions. Eurozone inflation and second quarter GDP data for July will be released at 9 am ET.

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